Driving around Sullivan County, New York, last weekend on a wonderful fall foliage excursion, a hand-crafted sign on the side of a road read:
Multi-Family Garage Sale
I’ve seen this same type of sign many times in my life but this time my traveling companion saw it a little differently, considering the real estate investment definition...“Oh, a garage sale at an apartment complex.” Following the path of signs, it became clear that the sale was coordinated by a bunch of families that live on the same block – hence the phrase multi-family. A perfect example of thinking that you’re communicating clearly, without considering the possibility of the audience misinterpreting it. It was amusing and thought provoking.
If you’ve never stopped at a garage sale to look for the hidden gem, it’s truly an experience. A woman ‘proprietor’ at one of the sales told us about her reaction to certain customers. I could relate to her, having had garage sales when I owned homes: your willingness to negotiate with a potential customer comes not necessarily from what they say to you, but how they say it. “I’ll give you 25 cents!” stated in a rude condescending manner (for something that you’ve, very reasonably, priced at 50 cents!).
Well, first impressions are everything – whether in a situation like this or when meeting an institutional investor for the first time. That approach from certain people can just turn someone off completely, whether it’s pennies or millions of dollars. However, someone who says, “Will you take 25 cents?” opens up the negotiation dialogue…especially if your gut instinct about that person is a positive one. Actually, after turning down insultingly ridiculous offers from certain people, I have ended up giving away the very same item – just because!
We coach our clients on the importance of making a positive first impression – whether it's face-to-face, in writing, on the phone or on the web. In person, it starts with the handshake and eye contact. It’s fascinating to hear the feedback from our workshop participants to our handshake exercise.
It's often something that's taken for granted but, believe it or not, a handshake can make a difference in how the interaction between two people evolves.
How do people react to your handshake?
Real Capital Analytics (RCA) Support of Students and Faculty
The World Wide Web (does anyone even call it that anymore?) is incredible. In the normal course of our coaching work, my partner and I dig deep on the Internet. Sometimes it’s simply to see how our clients present themselves on their company homepage, in their Linkedin profiles, etc. Are they consistent? If not, it may cause the viewer – a potential investor, new client, hiring manger, HR manager – to be distracted, and this may raise concern. But our work on the web also allows us to discover wonderful stuff. Last week, I was poking through the Real Capital Analytics (RCA) website. The page I discovered is called Complimentary Trends Reports for Students and Faculty (https://www.rcanalytics.com/Public/academic.aspx). I’m sure many university real estate programs already know of this generous service offered by RCA. But, just in case….here it is. Below is RCA’s own description:
Real Capital Analytics, winner of the International Real Estate Society (IRES) Corporate Excellence Award, supports and encourages academic research throughout the world involving commercial real estate (CRE). Our areas of focus involve CRE market prices, capital flows, transaction activity, transparency issues, and comparisons by property type or asset class, geographic region and market. We are proud to support research at a number of universities, resulting in published articles, awards, or simply a top grade for a class project. Students and professors can register to receive complimentary issues of our Capital Trends publications (Global Capital Trends® and US Capital Trends®).
Feel free to forward this column to any student or faculty member you know so they can take advantage of this generous offer.
Having lunch this week with a good friend, we talked about our mutual enjoyment spending time with people who cross multiple generations. Hearing stories, getting different perspectives, and also finding subjects that are shared in common. He sent me a great quote he discovered (source unknown):
“Become friends with people who aren’t your age. Hang out with people whose first language isn’t the same as yours. Get to know someone who doesn’t come from your social class. This is how you see the world. This is how you grow.”
This is just another great way to expand your network and enrich your life.
Bruce Goodman recently joined Colliers International in NYC
Eliza Bailey has joined AVP Advisors
Zeynep Fetvaci now with Hodes / Weill in London
Steve Taylor is now with HOOP (Healthcare of Ontario Pension Plan)
On The Road…
Oct. 21: ULI Women’s Leadership Initiative Reception (My partner Liz Weiner attending)
Oct. 28: Felix / Weiner Consulting Group - Careers in Real Estate / 'Interview Skills, Drills & Thrills' coaching workshop for graduate students at the Edward St. John Real Estate Program, Johns Hopkins Carey Business School, Washington, DC
Nov. 6 - 24: On the Road North American trip – driving and stopping in various cities – to visit with friends working at pension funds, endowments, foundations and real estate investment management companies (and who knows who else!). Also bringing my keyboard and will be on the lookout for ‘jam’ nites along the way. (Trip in planning stage).
Nov. 14: James A. Graaskamp Center for Real Estate / Wisconsin School of Business Global Real Estate Markets Conference, New York, NY
Dec. 3 - Dec. 4: NAREIM (National Association of Real Estate Investment Managers) Capital Raising / Investor Relations meeting, Chicago, IL
Jan. 15 -16, 2015: NAREIM Asset Management and Acquisitions Meeting, San Francisco, CA
Feb. 17 – 18: NAREIM Research & Investment Management Meeting, Chicago, IL
Mar. 17 – 18, 2015: NAREIM Executive Officers Spring Meeting, Miami, FL
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